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St. Francis Campus Credit Union Closes, Shares Assumed by Central Minnesota Credit Union

​Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund; Member Service Continues Uninterrupted

ALEXANDRIA, Va. (Feb. 14, 2014) – The Minnesota Department of Commerce today appointed the National Credit Union Administration as receiver of St. Francis Campus Credit Union of Little Falls, Minn. As the receiver, NCUA will act as the liquidating agent, and Central Minnesota Credit Union of Melrose, Minn., has immediately assumed St. Francis Campus Credit Union’s members, assets, shares and loans.

Members of St. Francis Campus Credit Union will now become members of Central Minnesota Credit Union. There will be no interruption in member services, and accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.

Members with questions about their accounts can contact the Central Minnesota Credit Union Member Services office at 320-414-0500 between 7 a.m. and 6 p.m., Monday through Thursday; 7 a.m. and 7 p.m., Friday; and 8 a.m. through 1 p.m., Saturday.

Central Minnesota CU is a federally insured, state-chartered credit union with assets of $759 million and 52,000 members, according to the credit union’s most recent Call Report.

The Minnesota Department of Commerce made the decision to liquidate St. Francis Campus Credit Union and discontinue its operations after conducting an examination and determining the credit union was insolvent with no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by Central Minnesota Credit Union, the credit union served 3,400 members and had assets of approximately $51 million.

Chartered in 1963, St. Francis Campus Credit Union served employees of the St. Francis Campus, as owned by the Franciscan Sisters, their relatives and employees of the credit union. St. Francis Campus Credit Union is the second federally insured credit union liquidation in 2014.



NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"